SBI Life Insurance Company Limited is an Indian life insurance company that was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. The company was incorporated as a public limited company in Mumbai on October 11, 2000, and officially registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
SBI Life Insurance Company Limited is one of India's leading life insurance providers, offering a wide range of plans to suit the diverse needs of individuals and families. The company operates under the umbrella of State Bank of India and has established itself as a trusted name in the Indian insurance sector through its customer-centric approach and comprehensive product portfolio.
SBI Life has a market capitalization of ₹1,81,446 Crore (up 20.1% in 1 year) as of recent data. SBI Life is listed on the BSE and NSE (Stock Exchanges in India) and is a leading Life Insurance company in India.
The company has demonstrated strong financial performance:
* SBI Life Insurance registered a New Business Premium of ₹26,256 Crore for the period ended on December 31, 2024, vis-à-vis ₹26,000 Crore for the period ended December 31, 2023.
* Regular premium has increased by 12% over the corresponding period ended on December 31, 2023.
* SBI Life's profit after tax stands at ₹1,600 Crore for the period ended December 31, 2024.
In terms of recent quarterly performance, SBI Life Insurance reported a 71% rise in net profit at ₹551 Crore for the third quarter ended December 2024. This represents a 71.2% jump in net profit since the last year same period to ₹550.82 Crore in Q3 FY2024-2025.
The company has a diversified distribution network of 309,590 trained insurance professionals and a wide presence with 1,086 offices across the country. This network comprises a strong bancassurance channel, an agency channel, and others including corporate agents, brokers, Point of Sale Persons (POS), insurance marketing firms, web aggregators, and direct business.
SBI Life strives to make insurance accessible to all, with its extensive presence across the country through its 1,110 offices, 26,355 employees, a large and productive network of about 240,304 agents, 60 corporate agents, and 141 bancassurance partners with more than 41,000 partner branches, 141 brokers, and other insurance marketing firms.
The company offers a range of life insurance products, including 23 individual and 8 group plans across protection, pension, savings, and health solutions. Its portfolio includes participating, non-participating, pension, gratuity, leave encashment, superannuation, annuity, unit-linked, variable, health, and micro-insurance products.
SBI Life's diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings, and Health solutions. The company maintains a focus on the protection business, with protection new business premium standing at ₹2,792 Crore for the period ended December 31, 2024.
SBI Life's AUM continued to grow at 19% to ₹4,41,678 Crore as on December 31, 2024, from ₹3,71,410 Crore as on December 31, 2023, with the debt-equity mix of 61:39. 94% of the debt investments are in AAA and Sovereign instruments.
The company's solvency ratio continues to remain robust at 2.04 as on December 31, 2024, as against the regulatory requirement of 1.50. Listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'), the company has an authorized capital of ₹20.0 billion and a paid-up capital of ₹10.0 billion.
SBI Life strongly encourages a culture of giving back to the society and has made substantial contributions in the areas of child education, healthcare, disaster relief, and environmental upgrade. In 2024-25, the Company touched over 50,000 direct beneficiaries through various CSR interventions.
Mr. Challa Sreenivasulu Setty took over charge as Chairman on November 12, 2024. He joined the Board of SBI as Managing Director in January 2020 and headed the Retail & Digital Banking vertical from 2020 till 2022, and the International Banking, Global Markets & Technology portfolio of the Bank thereafter.
The company operates with a strong governance framework and maintains high ethical standards in its operations, driven by a customer-first approach that emphasizes operational efficiency and hassle-free claim settlement experiences for policyholders.
